Commission Invests in the Future
City Moves Forward with Sale of Macomb Street Parcel
April 26, 2017
Tonight, Tallahassee City Commissioners voted to approve the sale of a 0.87-acre parcel of land in Frenchtown to Landmark Properties. The sale of this parcel, which is located on the west side of Macomb Street between W. Carolina and W. Virginia streets, represents a $50 - $70 million investment and hundreds of jobs that will bring broad economic enhancements to the Frenchtown Community.
"The Commission's action underscores the City's commitment to the historic Frenchtown Community," City Commissioner Curtis Richardson said. "Working with the residents and the developer, this project will pave the way for other major private investments and the inclusiveness of community input that will help spur a renaissance in this neighborhood."
Landmark Properties proposes to develop this City-owned parcel and 11 other nearby parcels into a multifamily development called The Standard. The development will encompass the block bound by N. Copeland Street, W. Carolina Street, N. Macomb Street and W. Virginia Street.
Collaborating with community stakeholders including the Frenchtown Neighborhood Improvement Association, Landmark Properties is planning to include a plaza area, a historical display dedicated to the Frenchtown Community and other unique design features into the development. While the proposed development site is zoned for nearly 400 units, Landmark Properties has also agreed to reduce the number of units to 252 to help manage the sudden influx of new residents.
Working with the Tallahassee-Leon County Office of Economic Vitality (OEV), staff estimates that the development of these properties will generate direct financial and employment impacts to the City and the Frenchtown Community. During construction, it is estimated that the value of goods and services produced across the Tallahassee Metropolitan Statistical Area (MSA) will exceed $106.2 million with an estimated 813 jobs. Permanent impacts are projected to generate approximately $1 million in economic impact, 15 jobs and nearly $419,000 in employee wages annually. Additionally, the estimated fiscal impacts based on local, state and federal taxes totals $1-1.3 million in property taxes, of which nearly half will go to the Greater Frenchtown/Southside Community Redevelopment Agency to support future projects in the Frenchtown Community and an estimated $400,000 will go to Leon County Schools.
The sale of the Macomb Street parcel totals $485,000. The Commission directed that proceeds from the sale be reinvested into the Frenchtown Community.
The City Commission also approved the formal development of a Frenchtown Placemaking Plan. The Tallahassee-Leon County Planning Department will work with the community on the development of this plan. To learn more about the City of Tallahassee's other placemaking efforts, visit Talgov.com.
Alison Faris, Department of Communications, 891-8533
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